Technology is critical to an organization’s ability to change market trends and continuously enhance value to consumers. It has been imperative that companies without a digital vision fall behind their competitors and are more prone to failure.
In addition to that, digital transformation is the top financial priority for 77 percent of CIOs in 2021.
In a growing digital world, companies are expanding their digital footprint but is that mean they are “digitally transforming”? What exactly does the term “Digital Transformation” mean? How would you know if your firm requires this kind of transformation and in which departments specifically? How can you measure the impact of it?
This article will attempt to answer some of the most often asked questions and concerns regarding digital transformation.
Digital Transformation refers to the application of technology to substantially improve or develop new business processes
What Is Digital Transformation?
IT modernization (for example, cloud computing), digital optimization, and new digital business models are all examples of digital transformation.
So, what does digital transformation entail for businesses?
Digital transformation requires experimenting with new technology and rethinking your existing approach to common problems to evolve your firm.
It is the practice of assessing client requirements and utilising technology to enhance the end-user experience. End users might be your customers or employers, and businesses must take both into account.
Why Should You Go for Digital Transformation?
Transforming your business digitally enables your company to stay up to changing customer expectations and survive in the future. In addition, it allows businesses to compete more effectively in an economic environment that is continuously evolving due to technological advancements.
The effective management of digital transformation allows businesses to gain operational and productivity benefits. As a result of time savings in processes, it lowers costs. Moreover, by easing communication across departments, it enhances integration and internal cooperation.
Where Can You Apply Digital Transformation?
Technology should be integrated into all processes and areas of business. Some of the examples of digital transformation are the automation of the following processes:
Human Resources: You can digitise the whole hiring process, making it easier for you to skim through hundreds of applications and help you find the right fit for your company. Moreover, the onboarding process, leave management, employee record, payroll, and other HR-related areas can be automated.
Marketing: With the help of digital transformation, you can retain customers and nurture leads using customer relationship management (CRM) and customer data platform (CDP) applications.
Procurement: The whole procure-to-pay cycle can be automated, including all procurement areas, starting from onboarding of suppliers to processing their invoices and the approvals associated with them.
When Is the Right Time to Digitally Transform Your Company?
The COVID-19 pandemic has heightened the pressure of achieving digital transformation goals this year, forcing many businesses to accelerate their transformation efforts.
You are not alone if you are stalling in your digital transformation efforts. Getting over the early humps from concept to execution is one of the most challenging problems in digital transformation.
By assessing the changing business environment and your needs, you can decide at what stage you are on and when is the right time to step up your digital transformation strategy.
You can create a change by following the right path to digital transformation.
Path to Digital Transformation
Here are some steps that businesses can take to achieve the transformation they want:
1. Begin With a Goal
Business transformation requires a long-term plan approach.
Consider what you want to accomplish and why you want to change. For example, you might require fresh ideas to retain your old customers and attract new ones, or you need to lower your cost base to achieve more significant margins.
2. Make Sure Your Processes Are Transforming
Digital transformation does not operate on paperwork. It will only work if you incorporate digitisation into your standard processes.
Make your processes centred on the individuals that interact with them. Asks questions to yourself like: How can I enhance the performance of my sales team by using a digital solution like Salesforce CRM?
3. Follow a Proper Framework
A successful digital transformation begins with defining a framework that supports your business operations, organisation, and stakeholder relationships. As long as the top management does not identify a clear objective and plan, you will lose.
Defining and implementing digital transformation requires accountability from top to bottom. Every step of the way. Every single day.
4. Invest in Cutting-Edge Technologies
When it comes to digital transformation, it’s not about spending money on technology; it’s about investing it wisely.
You should concentrate on two aspects of the technical side of digital transformation: creating or executing a whole new digital platform or leveraging the already established platform and reducing time to value.
Always Remember: Technology is a part, not the engine of actual return on investment. If you implement your strategy accurately, it’s your processes that produce results. It would only help if you paved the right way to transform your business successfully.
To transition smoothly into a digital era while keeping up with the trends, contact our experts at StackFlows, who will guide you on the Digital Transformation and answer any further queries that you may have.